<p>在任何股票上，你最多可能損失 100% 的資金（假設你不使用槓桿）。但當你選擇一家真正繁榮的公司時，你可以獲得超過 100% 的收益。例如，<strong>角川集團</strong>（TSE:9468）的股票在過去五年中上漲了令人印象深刻的 201%。上週，股價略微下跌了約 1.4%。</p>
<p>考慮到這一點，值得看看公司的基本面是否驅動了長期表現，或者是否存在一些差異。</p>
<p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
<p>儘管一些人仍在教授有效市場假説，但已經證明市場是過度反應的動態系統，投資者並不總是理性的。考慮市場對一家公司的看法如何變化的一個不完美但簡單的方法是比較每股收益（EPS）的變化與股價變動。</p>
<p>儘管股價在五年內表現強勁，角川的每股收益每年下降 5.0%。</p>
<p>因此，很難説每股收益是評估公司的最佳指標，因為此時可能並未優化利潤。由於每股收益的變化似乎與股價變化無關，因此值得關注其他指標。</p>
<p>我們懷疑 0.8% 的股息收益率並未吸引許多買家。相比之下，每年 7.0% 的收入增長可能被視為角川正在增長的證據，這確實是一個積極信號。管理層可能目前正在優先考慮收入增長而非每股收益增長。</p>
<p>你可以在下面看到收益和收入隨時間的變化（點擊圖片可以發現確切的數值）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/271467885-earnings-and-revenue-growth-1-dark-2/1754027448337?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/271467885-earnings-and-revenue-growth-1-dark-2/1754027448337"/></p>
<p>TSE:9468 收益和收入增長 2025 年 8 月 1 日</p>
<p>通過這份 <strong>免費</strong> 的資產負債表報告，更深入地瞭解角川的財務健康狀況。</p>
<h2>股息情況如何？</h2>
<p>考慮任何給定股票的總股東回報以及股價回報是很重要的。總股東回報（TSR）包括任何分拆或折扣融資的價值，以及任何股息，假設股息被再投資。可以説，TSR 提供了股票產生回報的更全面的圖景。我們注意到，角川在過去五年的 TSR 為 217%，這比上述的股價回報要好。公司支付的股息因此提升了_總_股東回報。</p>
<h2>不同的視角</h2>
<p>很高興看到角川在過去 12 個月內為股東帶來了 37% 的總股東回報。這包括了股息。這比過去五年年化回報的 26% 要好，暗示公司最近表現更佳。在最佳情況下，這可能暗示一些真正的商業動能，意味着現在可能是深入研究的好時機。長期跟蹤股價表現總是很有趣。但要更好地理解角川，我們需要考慮許多其他因素。為此，你應該注意到我們發現的角川的 <strong>1 個警告信號</strong>。</p>
<p>對於那些喜歡尋找 <strong>成功投資</strong> 的人來説，這份 <strong>免費</strong> 的近期內部人士購買的被低估公司名單，可能正是你所需要的。</p>
<p><em>請注意，本文中引用的市場回報反映了目前在日本交易所交易的股票的市場加權平均回報。</em></p>

9468

<p>角川集團（TSE:9468）在過去五年中，其股價上漲了 201%，為股東帶來了 26% 的年複合增長率（CAGR）。儘管最近股價下降了 1.4%，但該公司在五年內實現了 217% 的總股東回報率（TSR），這得益於分紅。然而，每股收益（EPS）年均下降 5%，這表明公司更注重收入增長，收入年均增長了 7%。最近的 TSR 為 37%，顯示出業績改善，值得進一步研究公司的基本面</p>

<p>The most you can lose on any stock (assuming you don't use leverage) is 100% of your money. But when you pick a company that is really flourishing, you can <em>make</em> more than 100%. For instance, the price of <strong>Kadokawa Corporation</strong> (TSE:9468) stock is up an impressive 201% over the last five years. The last week saw the share price soften some 1.4%.</p>
<div class="lb-trans"><p>在任何股票上，你最多可能損失 100% 的資金（假設你不使用槓桿）。但當你選擇一家真正繁榮的公司時，你可以獲得超過 100% 的收益。例如，<strong>角川集團</strong>（TSE:9468）的股票在過去五年中上漲了令人印象深刻的 201%。上週，股價略微下跌了約 1.4%。</p>
</div><p>With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.</p>
<div class="lb-trans"><p>考慮到這一點，值得看看公司的基本面是否驅動了長期表現，或者是否存在一些差異。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>這項技術可能會取代計算機：發現 20 只正在努力使量子計算成為現實的股票。</p>
</div><p>While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.</p>
<div class="lb-trans"><p>儘管一些人仍在教授有效市場假説，但已經證明市場是過度反應的動態系統，投資者並不總是理性的。考慮市場對一家公司的看法如何變化的一個不完美但簡單的方法是比較每股收益（EPS）的變化與股價變動。</p>
</div><p>Kadokawa's earnings per share are down 5.0% per year, despite strong share price performance over five years.</p>
<div class="lb-trans"><p>儘管股價在五年內表現強勁，角川的每股收益每年下降 5.0%。</p>
</div><p>So it's hard to argue that the earnings per share are the best metric to judge the company, as it may not be optimized for profits at this point. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.</p>
<div class="lb-trans"><p>因此，很難説每股收益是評估公司的最佳指標，因為此時可能並未優化利潤。由於每股收益的變化似乎與股價變化無關，因此值得關注其他指標。</p>
</div><p>We doubt the modest 0.8% dividend yield is attracting many buyers to the stock. In contrast revenue growth of 7.0% per year is probably viewed as evidence that Kadokawa is growing, a real positive. It's quite possible that management are prioritizing revenue growth over EPS growth at the moment.</p>
<div class="lb-trans"><p>我們懷疑 0.8% 的股息收益率並未吸引許多買家。相比之下，每年 7.0% 的收入增長可能被視為角川正在增長的證據，這確實是一個積極信號。管理層可能目前正在優先考慮收入增長而非每股收益增長。</p>
</div><p>You can see below how earnings and revenue have changed over time (discover the exact values by clicking on the image).</p>
<div class="lb-trans"><p>你可以在下面看到收益和收入隨時間的變化（點擊圖片可以發現確切的數值）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/271467885-earnings-and-revenue-growth-1-dark-2/1754027448337" alt="" original-src="https://images.simplywall.st/asset/chart/271467885-earnings-and-revenue-growth-1-dark-2/1754027448337"/></p>
<p>TSE:9468 Earnings and Revenue Growth August 1st 2025</p>
<div class="lb-trans"><p>TSE:9468 收益和收入增長 2025 年 8 月 1 日</p>
</div><p>Take a more thorough look at Kadokawa's financial health with this <strong>free</strong> report on its balance sheet.</p>
<div class="lb-trans"><p>通過這份 <strong>免費</strong> 的資產負債表報告，更深入地瞭解角川的財務健康狀況。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情況如何？</h2>
</div><p>It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR incorporates the value of any spin-offs or discounted capital raisings, along with any dividends, based on the assumption that the dividends are reinvested. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Kadokawa the TSR over the last 5 years was 217%, which is better than the share price return mentioned above. The dividends paid by the company have thusly boosted the <em>total</em> shareholder return.</p>
<div class="lb-trans"><p>考慮任何給定股票的總股東回報以及股價回報是很重要的。總股東回報（TSR）包括任何分拆或折扣融資的價值，以及任何股息，假設股息被再投資。可以説，TSR 提供了股票產生回報的更全面的圖景。我們注意到，角川在過去五年的 TSR 為 217%，這比上述的股價回報要好。公司支付的股息因此提升了_總_股東回報。</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的視角</h2>
</div><p>It's good to see that Kadokawa has rewarded shareholders with a total shareholder return of 37% in the last twelve months. And that does include the dividend. That's better than the annualised return of 26% over half a decade, implying that the company is doing better recently. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. It's always interesting to track share price performance over the longer term. But to understand Kadokawa better, we need to consider many other factors. To that end, you should be aware of the <strong>1 warning sign</strong> we've spotted with Kadokawa .</p>
<div class="lb-trans"><p>很高興看到角川在過去 12 個月內為股東帶來了 37% 的總股東回報。這包括了股息。這比過去五年年化回報的 26% 要好，暗示公司最近表現更佳。在最佳情況下，這可能暗示一些真正的商業動能，意味着現在可能是深入研究的好時機。長期跟蹤股價表現總是很有趣。但要更好地理解角川，我們需要考慮許多其他因素。為此，你應該注意到我們發現的角川的 <strong>1 個警告信號</strong>。</p>
</div><p>For those who like to find <strong>winning investments</strong> this <strong>free</strong> list of undervalued companies with recent insider purchasing, could be just the ticket.</p>
<div class="lb-trans"><p>對於那些喜歡尋找 <strong>成功投資</strong> 的人來説，這份 <strong>免費</strong> 的近期內部人士購買的被低估公司名單，可能正是你所需要的。</p>
</div><p><em>Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Japanese exchanges.</em></p>
<div class="lb-trans"><p><em>請注意，本文中引用的市場回報反映了目前在日本交易所交易的股票的市場加權平均回報。</em></p>
</div>

角川（TSE:9468）的股東在過去五年中實現了 26% 的年均複合增長率